The Korean Director General of VNSC Steps Down

19 November, 2024

In a recent development, the leader has expressed his desire to step down from the position of CEO effective November 18, 2024, and has also resigned from his role as a member of the Board of Directors, effective from the date of the official resolution of the General Meeting of Shareholders at the nearest meeting.

Mr. Na Sungsoo was born in South Korea in 1977. He has been associated with VNSC since 2019, serving as Chairman of the Board of Directors and CEO from August 2019 to February 2020, and subsequently continuing as CEO.

Prior to joining VNSC, Mr. Na Sungsoo had a successful career in his home country of South Korea. He served as Director of Daewoo Securities (5/2009 – 7/2013), Adjunct Professor at Yonsei University (9/2012 – 6/2019), Vice President of Seoul Bank Securities and Investment Company (8/2013 – 8/2015), and Vice President of Morgan Stanley & Co. International plc (9/2015 – 10/2019).

Mr. Na Sungsoo

VNSC has also been in the news recently due to another personnel change, involving the dismissal of Ms. from her position as Director of Operations and the revocation of her authorization to make information disclosures, effective November 01, 2024. Ms. Vân was also noted to be a shareholder, owning 0.27% of VNSC‘s capital as of September 30, 2024, alongside Chairman of the Board of Directors, Nghiêm Xuân Huy, who holds 0.24%, and Finhay Vietnam Distribution and Services JSC, which owns 99.49%.

Interestingly, both Mr. Nghiêm Xuân Huy and Mr. Na Sungsoo, along with Ms. Vũ Thanh Vân, are introduced as key members of the Finhay team on the Finhay homepage. Specifically, Mr. Nghiêm Xuân Huy is the founder and CEO of Finhay, while Ms. Vũ Thanh Vân serves as the Director of Operations and Mr. Na Sungsoo is the Director of Investments.

Finhay Leadership Team

Source: Website of Finhay Vietnam Joint Stock Company, November 18, 2024

Joint Stock Company Vina Securities (VNSC) was established in 2006. June 2022 marked a turning point when Finhay officially became the parent company of VNSC.

Mr. Nghiêm Xuân Huy had shared: “Finhay merged with VNSC to independently own a securities company with a license. It was a difficult search at that time, and we were fortunate to connect with Vina. It took us 18 months to acquire, restructure, and officially operate”.

In terms of business operations, VNSC incurred a net loss of nearly VND 4.9 billion in Q3/2024, compared to a profit of VND 355 million in the same period last year. The company attributed this to increased operating, financial, and management expenses, which impacted profitability.

According to VNSC, the number of their clients continued to grow rapidly in Q3/2024, leading to increased allocation of resources to business activities to better serve investors. As a result, operating expenses rose significantly. VNSC expects that with the strengthened resources, revenue will grow more robustly in the future, leading to improved operational efficiency.

Huy Khải